79% of brokers seeing more clients unaware about poor credit files

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79% of brokers seeing more clients unaware about poor credit files

By Adam Cadle

10/09/2020

Seventy-nine per cent of brokers are seeing more clients who are unaware that they have poor credit files.

According to broker forum Cherry, the main cause for this poor credit, cited by 42% of brokers, is missed payments on credit and store cards.Twenty-seven per cent of brokers said the poor credit was due to missed payments on utilities, while 23% said it was caused by mortgage payment holidays.

Donna Hopton, director at Cherry, commented: “The Cherry forum provides brokers with the opportunity to discuss the latest trends and developments in the market, and it’s very clear that clients with poor credit files is a hot topic right now.

"This makes sense given the economic upheaval people have experienced as a result of COVID-19, but it’s interesting and concerning that so many clients are unaware the impact of missing payments or taking a mortgage payment holiday can have on their credit record.”

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